Barrick Gold Corporation has suspended operations in Mali after the government seized gold stocks worth C$245 million from the company’s Loulo-Gounkoto mining complex. The military-led government moved the gold stockpile from the site to the custodial bank, preventing the shipment and sale of gold.
Barrick, which is headquartered in Toronto, said in a statement that it had “unfortunately initiated the temporary suspension of operations while it continues to work toward a resolution.”
About three metric tons were seized from a mining complex in western Mali on Saturday, Reuters reported. Barrick shares remained relatively stable at C$22.76 in Toronto and C$15.90 in New York as of 3:30 p.m.
Barrick has been in dispute with the Malian government since 2023 over a contract based on new mining rules. The dispute escalated several times, with Mali detaining senior executives and issuing an arrest warrant for Barrick CEO Mark Bristow.
Barrick said in the statement that it “remains committed to engaging constructively with the Malian government and all stakeholders to find an amicable solution that ensures the long-term sustainability of the Loulou-Jonkoto mining complex and its vital contribution to Mali’s economy and its communities.”
Mali had previously claimed about US$500 million in unpaid taxes from Barrick, Reuters reported. Barrick warned last month of a significant deterioration in conditions at Lolo Junkoto, with employees detained without cause and bullion shipments blocked.
The company owns 80% of the mining complex, while the Government of Mali owns 20%. Loulou Junkoto represents about 14 percent of Barrick’s estimated 2025 gold production, while gold is Mali’s largest foreign exchange earner, accounting for more than 80 percent of total exports in 2023.